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Form S-8 Azure Power Global Ltd

As
filed with the Securities and Exchange Commission on December 28, 2017

Registration
No. 333-

UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON,
DC 20549

FORM
S-8

REGISTRATION
STATEMENT UNDER THESECURITIES ACT OF 1933

Azure
Power Global Limited

(Exact
name of registrant as specified in its charter)

Mauritius

Not
Applicable

(State
or other jurisdiction of
incorporation or organization)

(IRS
Employer
Identification No.)

3rd
Floor, Asset 301-304 and 307,

Worldmark
3, Aerocity, New Delhi 110037, India

(91-11)
49409800

(Address
of principal executive offices and zip code)

2016
Equity Incentive Plan (as amended in 2017)

(Full
title of the plans)

CT
Corporation System

111
Eighth Avenue, 13th Floor, New York, NY 10011

(Name
and address of agent for service)

(212)
894-8940

(Telephone
number, including area code, of agent for service)

Copies
to:

Shuang
Zhao, Esq.

Cleary
Gottlieb Steen & Hamilton LLP

c/o
37th Floor, Hysan Place

500
Hennessy Road

Causeway
Bay, Hong Kong

+852
2521 4122

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large
accelerated filer [ ]

Accelerated
filer [ ]

Non-accelerated
filer [X]

(Do
not check if a smaller reporting company)

Smaller
reporting company [ ]

Emerging
growth company [X]

If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
[ ]

CALCULATION
OF REGISTRATION FEE

Title
of securities to be registered

Amount
to be registered(1)

Proposed
maximum offering price per share(2)

Proposed
maximum aggregate offering price(2)

Amount
of registration fee

Equity
shares, $0.000625 par value per equity share

1,000,000 shares

$

13.70

$

13,700,000.00

Total

1,000,000 shares

$

13.70

$

13,700,000.00

$

1,706.00

(1)

Represents
1,000,000 equity shares available for issuance pursuant to awards (including the exercise
of any options) to be granted under the 2016 Equity Incentive Plan (as amended in 2017)
(the “2016 Plan”) of the Registrant. In accordance with Rule 416 of the Securities
Act of 1933, as amended (the “Securities Act”), this Registration Statement
will also cover any additional equity shares which become issuable under the 2016 Plan
by reason of any stock dividend, stock split, recapitalization or similar transaction.

(2)

Pursuant
to Rules 457(c) and 457(h)(1) of the Securities Act, the proposed maximum aggregate offering
price is calculated as the product of 1,000,000 shares available for future grants under
the 2016 Plan multiplied by $13.70, the price estimated solely for the purpose of calculating
the registration fee and based on the average of the high and low market for the equity
shares as reported in the New York Stock Exchange on December 22, 2017, which equals
an aggregate offering price of $13,700,000.00.

The
information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the
“Registration Statement”) in accordance with the provisions of Rule 428 under the Securities Act and the introductory
note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the
participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities
Act.

Part
II

INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT

Item
3. Incorporation of Documents by Reference

The
following documents, which have been filed with or furnished to the Securities and Exchange Commission (the “Commission”)
by the Registrant are incorporated as of their respective dates in this Registration Statement by reference and made a part hereof:

(a)
The Registrant’s annual report on Form 20-F for the fiscal year ended March 31, 2017 filed with the Commission on June 19,
2017;

(b)
The Registrant’s all other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) since June 19, 2017 (other than information deemed to have been “furnished” rather
than “filed” in accordance with the SEC’s rules); and

(c)
The description of the equity shares contained in the Registrant’s Registration Statement on Form 8-A (File No. 001-37909)
filed with the Commission on October 7, 2016, which incorporates by reference the information set forth under the heading “Description
of Share Capital” in the Registrant’s Registration Statement on Form F-1 (File No. 333-208584) originally filed with
the Commission on December 16, 2015 and declared effective on October 11, 2016, as amended by any subsequent amendment or report
filed for the purpose of amending the descriptions of the equity shares (the “F-1 Registration Statement”).

All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, subsequent to the date
of this Registration Statement, but prior to the filing of a post-effective amendment to this Registration Statement, indicating
that all securities offered hereby have been sold or deregistering all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the respective dates of filing of such documents.
Any statement contained herein or in any document incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in
any other subsequently filed or furnished document which also is or is deemed to be incorporated by reference herein modifies
or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of this Registration
Statement, except as so modified or superseded.

Item
4. Description of Securities

Not
applicable.

Item
5. Interests of Named Experts and Counsel

Not
applicable.

Item
6. Indemnification of Directors and Officers

Under
the Mauritius Companies Act, a company may indemnify a director or employee of the company or a related company for any costs
incurred by him or the company in respect of any proceedings (a) that relates to liability for any act or omission in his capacity
as a director or employee and (b) in which judgment is given in his favor, in which he is acquitted, which is discontinued, in
which he is granted relief under section 350 of the Mauritius Companies Act or where proceedings are threatened and such threatened
action is abandoned or not pursued. The Mauritius Companies Act further provides that a company may indemnify a director or employee
of the company or a related company in respect of (a) liability to any person, other than the company or a related company, for
any act or omission in his capacity as a director or employee or (b) costs incurred by that director or employee in defending
or settling any claim or proceedings relating to any such liability, save in respect of any criminal liability or liability in
respect of a breach (in the case of a director) of the duty to exercise his powers honestly in good faith in the best interests
of the company.

1

Insofar
as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers or persons controlling
us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.

Pursuant
to the form of indemnification agreement filed as Exhibit 10.18 to the Registrant’s F-1 Registration Statement, the Registrant
may agree to indemnify its directors and officers against certain liabilities and expenses arising from their being a director
or officer.

Item
7. Exemption from Registration Claimed

Not
applicable.

Item
8. Exhibits

The
exhibits listed on the accompanying exhibit index are filed as a part of, or incorporated by reference into, this Registration
Statement (see exhibit index below).

Item
9. Undertakings

(a)
The undersigned Registrant hereby undertakes:

(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i)

to
include any prospectus required by section 10(a)(3) of the Securities Act;

(ii)

to
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum
aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration
statement; and

(iii)

to
include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration Statement;

provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this Item 9 do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.

(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant’s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion
of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.

2

SIGNATURES

Pursuant
to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in New Delhi, on December 28, 2017.

Azure
Power Global Limited

By:

/s/
Inderpreet Singh Wadhwa

Name:

Inderpreet
Singh Wadhwa

Title:

Principal
Executive Officer

POWER
OF ATTORNEY

We,
the undersigned directors of Azure Power Global Limited and executive officers of Azure Power Global Limited and its subsidiaries
hereby severally constitute and appoint Inderpreet Singh Wadhwa and Sushil Bhagat, and each of them singly (with full power to
each of them to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution
in each of them for him and in his name, place and stead, and in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement (or any other Registration Statement for the same offering that is to
be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be
done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents or any of them or their or his substitute or substitutes may lawfully do or cause to
be done by virtue hereof.

Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities
held on December 28, 2017.

Signature

Title

/s/
Inderpreet Singh Wadhwa

Inderpreet
Singh Wadhwa

Chairman
of the Board of Directors and Chief Executive Officer (Principal Executive Officer)

SIGNATURE
OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT IN THE UNITED STATES

Under
the Securities Act, the undersigned, the duly authorized representative in the United States of Azure Power Global Limited has
signed this Registration Statement in California, United States of America, on December 28, 2017.

(a)
“Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan.

(b)
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock
is listed or quoted and the applicable laws of any foreign country or jurisdiction (including without limitation India, Mauritius
and the United States of America) where Awards are, or will be, granted under the Plan.

(d)
“Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable
to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

(e)
“Board” means the Board of Directors of the Company.

(f)
“Cause” means (i) a Participant’s wilful, non-trivial misconduct or neglect of duty, (ii) a Participant’s
commission of an act of fraud or (iii) a Participant’s conviction of, or plea of no contest to a felony, as judged by the
laws of the federal government of the United States of America and/or the country in which the Company is doing business.

(g)
Change in Control” means the occurrence of any of the following events:

(i)
Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person,
or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together
with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that
any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by
the Board will not be considered a Change in Control; or

(ii)
Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12
of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the
Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority
of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person
is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person
will not be considered a Change in Control; or

(iii)
Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a
total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the
value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event
within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury
Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned
in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

(h)
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will
be a reference to any successor or amended section of the Code.

(i)
“Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by
the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof.

(j)
“Common Stock” means the common stock of the Company.

-2-

(k)
“Company” means Azure Power Global Limited, a company incorporated under the laws of Mauritius.

(l)
“Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary
to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities
in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities.

(m)
“Director” means a member of the Board.

(n)
“Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the
case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total
disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

(o)
“Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary
of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute
“employment” by the Company.

(q)
“Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange
for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type,
and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other
person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased.
The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

(r)
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

(i)
If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the
Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market
Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange
or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator
deems reliable;

(ii)
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market
Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or,
if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

-3-

(iii)
In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

(s)
“Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as
an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.

(t)
“Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify
as an Incentive Stock Option.

(x)
“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject
to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the
passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

(a)
Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares
that may be subject to Awards and sold under the Plan is 2,023,744 Shares. The Shares may be authorized but unissued, or reacquired
Common Stock.

-4-

(b)
Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant
to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the
Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the
forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless
the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation
Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for
future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under
any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however,
that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited
to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay
the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future
grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment
will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject
to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock
Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and
the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section
3(b).

(c)
Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of the Plan.

4.

Administration
of the Plan.

(a)
Procedure.

(i)
Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer
the Plan.

(ii)
Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which Committee will be constituted to satisfy Applicable Laws.

(b)
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

(i)
to determine the Fair Market Value;

(ii)
to select the Service Providers to whom Awards may be granted hereunder;

(iii)
to determine the number of Shares to be covered by each Award granted hereunder;

-5-

(iv)
to approve forms of Award Agreements for use under the Plan;

(v)
to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms
and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may
be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation
regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

(vi)
to institute and determine the terms and conditions of an Exchange Program;

(vii)
to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

(viii)
to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws;

(ix)
to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority
to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section
6(d));

(x)
to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

(xi)
to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously
granted by the Administrator;

(xii)
to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such
Participant under an Award; and

(xiii)
to make all other determinations deemed necessary or advisable for administering the Plan.

(c)
Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will
be final and binding on all Participants and any other holders of Awards.

5.
Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be
granted to Service Providers. Incentive Stock Options may be granted only to Employees.

6.
Stock Options.

(a)
Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Options in such amounts as the Administrator, in its sole discretion, will determine.

-6-

(b)
Option Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price,
the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option,
and such other terms and conditions as the Administrator, in its sole discretion, will determine.

(c)
Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated
as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order
in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such
Shares is granted, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated
thereunder.

(d)
Term of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be
no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant
who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be
five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

(e)
Option Exercise Price and Consideration.

(i)
Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be
determined by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the
date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than
ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise
price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding
the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred
percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner
consistent with, Code Section 424(a).

(ii)
Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which
the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

(iii)
Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option,
including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form
of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to
the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender
equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting
such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole
discretion; (5) consideration received by the Company under cashless exercise program (whether through a broker or otherwise)
implemented by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment
for the issuance of Shares to the extent permitted by Applicable Laws, or (8) any combination of the foregoing methods of payment.
In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration
may be reasonably expected to benefit the Company.

-7-

(f)
Exercise of Option.

(i)
Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms
of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement.
An Option may not be exercised for a fraction of a Share. Notwithstanding anything in the Plan to the contrary, the right to exercise
an Option shall be suspended automatically during any investigation by the Board or its designee, and/or any negotiations by the
Board or its designee and the Participant, regarding any actual or alleged act or omission by the Participant that could constitute
a ground for terminating the Participant for Cause.

An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify
from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which
the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of
payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option
will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her
spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect
to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued)
such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 13of the Plan.

Exercising
an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

(ii)
Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the
Participant’s termination as the result of the Participant’s death or Disability or Cause, the Participant may exercise
his or her Option within thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement
(but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that
the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination
the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert
to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator,
the Option will terminate, and the Shares covered by such Option will revert to the Plan.

-8-

(iii)
Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability,
the Participant may exercise his or her Option within six (6) months of termination, or such longer period of time as is specified
in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement)
to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date
of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the
Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified
herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

(iv)
Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months
following the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no
event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option
is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated
prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by
the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the
person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent
and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his
or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option
is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert
to the Plan.

(v)
Termination for Cause. If a Participant ceases to be a Service Provider as a result of the Company terminating the Participant
for Cause or if on the date the Participant ceases to be a Service Provider the Company could have terminated Participant for
Cause, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

7.
Stock Appreciation Rights.

(a)
Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be
granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

(b)
Number of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award
of Stock Appreciation Rights.

(c)
Exercise Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment
to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator
and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator,
subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation
Rights granted under the Plan.

-9-

(d)
Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will
specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.

(e)
Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined
by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of
Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

(f)
Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled
to receive payment from the Company in an amount determined by multiplying:

(i)
The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

(ii)
The number of Shares with respect to which the Stock Appreciation Right is exercised.

At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent
value, or in some combination thereof.

8.
Restricted Stock.

(a)
Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time
to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion,
will determine.

(b)
Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the
Period of Restriction, if any, the number of Shares granted, and such other terms and conditions as the Administrator, in its
sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of
Restricted Stock until the restrictions on such Shares have lapsed.

(c)
Transferability. Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may
not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of
Restriction.

(d)
Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate.

-10-

(e)
Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

(f)
Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder
may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

(g)
Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock
will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides
otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

(h)
Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

9.
Restricted Stock Units.

(a)
Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After
the Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of
the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.

(b)
Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant.
The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including,
but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.

(c)
Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units,
the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

(d)
Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned
Restricted Stock Units in cash, Shares, or a combination of both.

(e)
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the
Company.

-11-

10.
Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion
of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A
and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of
the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A
the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that
the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section
409A.

11.
Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder
will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave
of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any
Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration
of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company
is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held
by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory
Stock Option.

12.
Limited Transferability of Awards.

(a)
Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred
in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the
Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i)
by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended
(the “Securities Act”).

(b)
Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after
the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange
Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject to the
Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any
short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h)
and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined
in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the
Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Administrator, in its
sole discretion, may determine to permit transfers to the Company or in connection with a Change in Control or other acquisition
transactions involving the Company to the extent permitted by Rule 12h-1(f).

-12-

13.
Adjustments; Dissolution or Liquidation; Merger or Change in Control.

(a)
Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that may
be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award; provided,
however, that the Administrator will make such adjustments to an Award required by Section 25102(o) of the California Corporations
Code to the extent the Company is relying upon the exemption afforded thereby with respect to the Award.

(b)
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will
notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has
not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

(c)
Merger or Change in Control. In the event of a merger of the Company with or into another corporation or other entity or
a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the
following paragraph) without a Participant’s consent, including, without limitation, that (i) Awards will be assumed, or
substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with
appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant’s
Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards
will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part
prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate
upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange
for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award
or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of
doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would
have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated
by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator
in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this subsection
13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same
type, similarly.

In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will
fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares
as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria
will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if
an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator
will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a
period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate
upon the expiration of such period.

-13-

For
the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the
Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject
to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in Control.

Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without
the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s
post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

Notwithstanding
anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the
change in control definition contained in the Award Agreement does not comply with the definition of “change of control”
for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this
Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering
any penalties applicable under Code Section 409A.

14.
Tax Withholding.

(a)
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company
will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld
with respect to such Award (or exercise thereof).

(b)
Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from
time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation)
(i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the
minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value
equal to the statutory amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting
consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise
deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a
broker or otherwise) equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to
include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined
by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award
on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered
will be determined as of the date that the taxes are required to be withheld.

-14-

15.
No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect
to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way
with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause,
to the extent permitted by Applicable Laws.

16.
Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

17.
Term of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board or on such
date as the Board determines. Unless sooner terminated under Section 18, it will continue in effect for a term of ten (10) years
from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an
increase in the number of Shares reserved for issuance under the Plan.

18.
Amendment and Termination of the Plan.

(a)
Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

(b)
Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable
to comply with Applicable Laws.

(c)
Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in
writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability
to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

19.
Conditions Upon Issuance of Shares.

(a)
Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and
the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel
for the Company with respect to such compliance.

(b)
Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without
any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is
required.

20.
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder,
will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
will not have been obtained.

21.
Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company prior to the date the Plan
is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

-15-

Azure
Power Global Limited

Email
mmoller@applebyglobal.com

1st
Floor, The Exchange

aoogorah@applebyglobal.com

18
Cybercity

Ebene

Direct
Dial +230 203 4301

Mauritius

Tel
+230 203 4300

Fax
+230 210 8792

Your
Ref

Appleby
Ref 429640.0001

28
December 2017

Mauritius
Office

9th
Floor

Medine
Mews

La
Chaussée Street

Port
Louis

Republic
of Mauritius

Tel
+230 203 4300

applebyglobal.com

Dear
Sirs

INTRODUCTION

This
opinion as to Mauritius law is addressed to you in connection with the filing by Azure Power Global Limited, a public
company limited by shares incorporated under the laws of Mauritius (the “Company”), of the Company’s
registration statement on Form S-8, to be filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”), relating to the registration under the United States Securities Act of 1933, as amended, of an
amount of 1,000,000 equity shares of par value US$0.000625 each in the capital of the Company (the “Shares”)
for issuance pursuant to the 2016 Equity Incentive Plan, as amended in 2017 (the “Plan”).

OUR
REVIEW

For
the purposes of giving this opinion we have examined and relied upon the documents listed in Part 1 of Schedule 1 (the
“Documents”).

For
the purposes of giving this opinion we also have carried out the Company Search described in Part 2 of Schedule 1.

We
have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter
of fact or opinion (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.

Unless
otherwise defined herein, capitalised terms have the meanings assigned to them in Schedule 1.

Business
Registration Number: P10018768Appleby (JV) Ltd & Cie, tradingunder
the name of Appleby, is ajoint law venture firm
registeredunder the Law Practitioners Act 1984.

Our
opinion is limited to, and should be construed in accordance with, the laws of Mauritius at the date of this opinion. We express
no opinion on the laws of any other jurisdiction.

This
opinion is strictly limited to the matters stated in it and does not extend to, and is not to be extended by implication, to any
other matters. We express no opinion on the commercial implications of the Documents or whether they give effect to the commercial
intentions of the parties.

This
opinion is issued solely for the purposes of filing the Registration Statement with the U.S. Securities and Exchange Commission
and is not be relied upon in respect of any other matter. We consent to the filing of this opinion as an exhibit to the Registration
Statement of the Company and further consent to all references to us in the Registration Statement and any amendments thereto.

ASSUMPTIONS
AND RESERVATIONS

We
give the following opinions on the basis of the assumptions set out in Schedule 2 (Assumptions), and subject to the reservations
set out in Schedule 3 (Reservations).

OPINIONS

1.

The
Company is a Global Business Licence company incorporated with limited liability and validly existing under the laws of Mauritius
and is a separate legal entity. The Company is in good standing as evidenced by the Certificate of Current Standing issued
by the Registrar of Companies.

2.

The
Company is a holder of a Category 1 Global Business Licence issued by the Financial Services Commission of Mauritius.

3.

The
Shares have been duly and validly authorised, and when issued, sold and paid for in the manner contemplated by the Plan and
in accordance with the relevant resolutions adopted by the Board of Directors of the Company (or any committee to whom the
Board of Directors of the Company have delegated their powers with respect to administration of the Plan in accordance with
the Mauritius Companies Act 2001) and the appropriate entries are entered in the Register of Members of the Company in respect
of the share issuance, the Shares will be validly issued, fully paid and non-assessable (meaning that the security holder
(i.e. the holder of the shares) would not be liable, solely because of security holder status, for additional assessments
or calls on the shares by the registrant of the shares or the creditors of the Company).

A
copy of the certificate of incorporation of the Company dated 2 February 2015.

Mauritius Office

4.

A
copy of the constitution of the Company dated 17 October 2016.

9th Floor

Medine Mews

Items
1 -3 collectively referred to as the Constitutional Documents.

La Chaussée Street

Port
Louis Republic of Mauritius

Tel
+230 203 4300

5.

A
copy of the Global Business Licence bearing the name of the Company dated 2 February 2015 and a copy of the receipt issued
by the Financial Services Commission of Mauritius to confirm that the Company has paid its annual fees for the renewal of
the Global Business Licence for the period 07/2017 to 06/2018.

applebyglobal.com

6.

A
copy of the Certificate of Current Standing dated 23 November 2017 issued by the Registrar of Companies in respect of the
Company.

7.

A
copy of the written resolution of the directors of the Company dated 24 August 2017 and the minutes of the annual meeting
of the Shareholders held on 25 September 2017 (the Resolutions).

8.

A
copy of the Register of Directors dated 20 November 2017.

9.

A
copy of the Certificate of Incumbency dated 20 November 2017 issued by the company secretary of the Company in respect of
the Company.

10.

A
copy of the certificate from a Director of
the Company dated 4 December 2017 (the Director’s Certificate).

11.

A
copy of the results of the Company Search.

Business Registration Number: P10018768 Appleby (JV) Ltd & Cie, trading under the name of Appleby, is a joint law venture firm registered under the Law Practitioners Act 1984.

A
search of the entries and filings shown in respect of the Company on the file of the
Company maintained in the Register of Companies at the office of the Registrar of Companies
in Port Louis, Mauritius as revealed by a search conducted on 22 November 2017 (Company
Search).

the
original documents of all documents examined in connection with this opinion are authentic and complete;

(ii)

the
authenticity, completeness and conformity to original documents of all documents submitted to us as copies; and

(iii)

that
each of the documents received by electronic means is complete, intact and in conformity with the transmission as sent;

2.

that
there has been no change to the information contained in the Constitutional Documents;

3.

that
the signatures and seals on all documents and certificates submitted to us as originals or copies of executed originals are
genuine and authentic, and the signatures on all documents executed by the Company are the signatures of the persons authorised
to execute the documents by the Company;

4.

that
where incomplete documents, drafts or signature pages only have been supplied to us for the purposes of issuing this opinion,
that the original documents have been completed and correspond in all material respects with the last version of the relevant
documents examined by us prior to giving our opinion;

5.

that
the Documents do not differ in any material respects from any drafts of the same which we have examined and upon which this
opinion is based;

6.

the
due execution and delivery of the Documents by each of the parties thereto (other than the Company under Mauritius law);

7.

that,
insofar as any obligation under the Documents is to be performed in any jurisdiction outside of Mauritius, its performance
will be legal and effective in accordance with the law of any jurisdiction to which they are subject or in which they are
respectively constituted and established;

8.

the
truth, accuracy and completeness of all representations and warranties or statements of fact or law (other than as to the
laws of Mauritius and those matters upon which we have expressly opined) made in the Documents and any correspondence submitted
to us;

the
accuracy, completeness and currency of the records and filing systems maintained at the public offices where we have searched
or enquired or have caused searches or enquiries to be conducted, that such search and enquiry did not fail to disclose any
information which had been filed with or delivered to the relevant body but had not been processed at the time when the search
was conducted and the enquiries were made, and that the information disclosed by the Company Search is accurate and complete
in all respect and such information has not been materially altered since the date and time thereof;

10.

that

(i)

the
Documents are in the form of the documents approved in the Resolutions,

(ii)

any
meetings at which Resolutions were passed were duly convened and had a constituted quorum present and voting throughout and
any unanimous resolutions passed in writing were adopted in accordance with the law and the Constitutional Documents,

(iii)

all
interests of the directors on the subject matter of the Resolutions, if any, were declared and disclosed in accordance with
the law and Constitutional Documents,

(iv)

the
Resolutions and any Power of Attorney have not been revoked, amended or superseded, in whole or in part, and remain in full
force and effect at the date of this opinion; and

(v)

the
Directors of the Company have concluded that the entry by the Company into the Documents and such other documents approved
by the Resolutions and the transactions contemplated thereby are bone fide in the best interests of the Company.

11.

that
the Certificate of Incumbency accurately reflects the names of all Directors and Officers of the Company as at the date the
Resolutions were passed or adopted, the date the Documents were executed and as at the date hereof;

12.

that
there is no matter affecting the authority of the Directors to effect entry by the Company into the Documents including breach
of duty, lack of good faith, not disclosed by the Constitutional Documents or the Resolutions, which would have any adverse
implications in relation to the opinions expressed in this opinion;

13.

that
the Company has entered into its obligations under the Documents in good faith for the purpose of carrying on its business
and that, at the time it did so, there were reasonable grounds for believing that the transactions contemplated by the Documents
would benefit the Company;

that
no resolution to voluntarily wind up the Company has been adopted by the members and no event of a type which is specified
in the Constitutional Documents as giving rise to the winding up of the Company (if any) has in fact occurred;

15.

that
there are no matters of fact or law (excluding matters of Mauritius law) affecting the enforceability of the Documents that
have arisen since the execution of the Documents which would affect the opinions expressed herein;

16.

that
there has been no changes to the statements made in the Director’s Certificate as at the date of this opinion;

17.

that
the Shares will be issued in accordance with the Plan and the resolutions authorising the issue;

18.

that
upon issue of any Shares by the Company pursuant to the Plan, the Company will receive consideration for the full issue price
thereof which shall be equal to at least the par value thereof; and

19.

that
there are no changes in the Documents as at the date of the opinion.

there
is a way of ensuring that each party performs an agreement or that there are remedies available for breach. Notwithstanding
that the obligations established by the Documents are obligations which courts of Mauritius would generally enforce, they
may not necessarily be capable of enforcement in all circumstances in accordance with their terms. In particular, but without
limitation:

(i)

enforcement
and priority may be limited by laws relating to bankruptcy, insolvency, reorganisation, liquidation, court schemes, schemes
of arrangements, moratoriums or other laws of general application relating to, or affecting the rights of, creditors generally;

(ii)

enforcement
may be limited by the principles of unjust enrichment or by general principles of equity (for example equitable remedies such
as the grant of an injunction or an order for specific performance may not be available where liquidated damages are considered
an adequate remedy);

(iii)

claims
may become barred by prescription or may be or become subject to defences of set-off, counterclaim, estoppel and similar defences;

(iv)

obligations
to be performed outside Mauritius may not be enforceable in Mauritius to the extent that performance would be illegal or contrary
to public policy under the laws of that foreign jurisdiction;

(v)

enforcement
may be limited to the extent that matters which we have expressly assumed in this opinion will be done, have not been done;

(vi)

the
enforcement of the obligations of the parties to the Documents may be limited by the law applicable to obligations held to
have been frustrated by events happening after their execution;

(vii)

enforcement
of obligations may be invalidated by reason of fraud, duress, misrepresentation or undue influence;

(viii)

where
the performance of payment obligations is contrary to the exchange control regulations of any country in whose currency such
amounts are payable, such obligations may not be enforceable in Mauritius;

(ix)

any
agreement that the Company will not exercise the powers reserved for exercise by the shareholders of the Company may constitute
an unlawful fetter on those reserved powers;

(x)

matters
of procedure on enforcement of the Documents and forum conveniens will be governed by and determined in accordance with the
lex fori.

Waiver
of provisions of law: We express no opinion as the enforceability of any present or future waiver of any provision of
law (whether substantive or procedural) or of any right or remedy which might otherwise be available presently or in the future
under the Documents.

3.

Penalties:
Any provision as to the payment of additional money consequent on the breach of any provision of a Document by any person
expressed to be a party to it, whether expressed by way of penalty, additional or default interest, liquidated damages or
otherwise, may be unenforceable if it could be established that such additional payment constitutes a penalty rather than
a compensatory amount.

4.

Severability:
Severability provisions contained in the Documents may not be binding and the question of whether or not provisions may
be severed would be determined by the Mauritius courts at their discretion, having regard to such matters as whether a particular
severance would accord with public policy or involve the courts in making a new contract for the parties.

5.

Determination:
Notwithstanding the provisions of the Documents, a determination, designation, calculation or certificate of any party
to the Documents, as to any matter provided for in such Documents might, in certain circumstances, be held in the Mauritius
courts not to be final, conclusive or binding (for example, if it could be shown to have been fraudulent or erroneous on its
face, manifestly inaccurate, made on an unreasonable or arbitrary basis or not to have been reached in good faith) and the
Documents will not necessarily escape judicial enquiry into the merit of any claim by any party in that respect.

6.

Discretion:
Where a party to the Documents is vested with a discretion or may determine a matter in its opinion or is given the right
to determine a conclusive calculation or determination, the Mauritius courts, if called upon to consider the question, may
require that such discretion be exercised reasonably or that such opinion be based upon reasonable grounds or may determine
that such right is not finally binding.

Modification
of documents: We express no view on any provision in any of the Documents requiring written amendments and waivers of
any of the provisions of such Documents insofar as it suggests that oral or other modification, amendments or waivers could
not be effectively agreed upon or granted by or between the parties or implied by the course of conduct of the parties.

8.

Limitations
on liability: The effectiveness of any terms releasing or limiting a party from a liability or duty owed is limited by
law.

9.

Jurisdiction:
Where a Document provides for the submission to the exclusive or non-exclusive jurisdiction of the Mauritius courts, the
court may decline to accept jurisdiction in any matter where:

(i)

it
determines that some other jurisdiction is a more appropriate or convenient forum;

(ii)

another
court of competent jurisdiction has made a determination in respect of the same matter; or

(iii)

litigation
is pending in respect of the same matter in another jurisdiction.

10.

Concurrent
proceedings: Proceedings may be stayed in Mauritius if concurrent proceedings in respect of the same matter are or have
been commenced in another jurisdiction. Notwithstanding any provision in the Documents that all disputes arising under or
in connection with the Documents should be brought before the competent court in the jurisdiction specified in the Documents,
the Mauritius courts have discretion to refuse to stay proceedings in Mauritius if it is satisfied that it is just and equitable
to do so and may grant leave to serve Mauritius proceedings outside of Mauritius.

11.

Foreign
law: Relevant foreign law will not be applied by the Mauritius courts if it is not pleaded and proved, is not a bona fide
and lawful choice of law, or it would be contrary to public policy for that law to be applied.

12.

Costs:
A Mauritius court may refuse to give effect to any provisions of a Document in respect of costs of litigation brought
before the Mauritius court.

13.

Preferences:
A transaction by a debtor, including the grant of a charge over any property or undertaking of the debtor, may be set
aside by the Supreme Court of Mauritius on the application of the Official Receiver or a liquidator where it is a voidable
preference and was made within 2 years immediately before adjudication or commencement of the winding up. A charge may not
be set aside where it secures money actually advanced or paid, or the actual price or value of property sold or supplied,
or any other valuable consideration given in good faith, by the charge holder to the debtor at the time when, or at any time
after, the charge was given. A charge or security may not be set aside where it is a substitute for an existing charge that
was given by the debtor more than 2 years before the date of adjudication or the commencement of the winding up, except to
the extent that (a) the amount secured by the substituted charge is greater than the amount that was secured by the existing
charge; or (b) the value of the property subject to the substituted charge at the date of substitution was greater than the
value of the property subject to the existing charge at that date.

Presumption
of insolvency: A transaction by a debtor, including the grant of a charge over any property or undertaking of the debtor,
that is made within 6 months immediately before the debtor’s adjudication or the commencement of the winding up is presumed,
unless the contrary is proved, to be made at a time when the debtor is unable to pay his due debts.

15.

Good
standing: the Company has received a Certificate of Current Standing issued by the Registrar of Companies.

16.

Major
transactions: Where the board of directors deems a transaction a major transaction within the meaning of section 130 of
the Companies Act, shareholder approval by way of special resolution is required. Section 130 of the Companies Act defines
a major transaction as

(a)

the
acquisition of, or an agreement to acquire, whether contingent or not, assets the value of which is more than 75 per cent
of the value of the company’s assets before the acquisition;

(b)

the
disposition of, or an agreement to dispose of, whether contingent or not, assets of the company the value of which is more
than 75 per cent of the value of the company’s assets before the disposition; or

(c)

a
transaction that has or is likely to have the effect of the company acquiring rights or interests or incurring obligations
or liabilities the value of which is more than 75 per cent of the value of the company’s assets before the transaction.

17.

Director’s
Certificate: With respect to this opinion, we have relied upon the statements and representations made to us in the Director’s
Certificate provided to us and issued by a Director of the Company for the purposes of this opinion. We have made no independent
verification of the matters referred to in the Directors Certificate, and we qualify our opinion to the extent that the statements
or representations made in the Director’s Certificate are not accurate in any respect.

We
consent to the incorporation by reference in the Registration Statement pertaining to the 2016 Equity Incentive Plan (as amended
in 2017) of Azure Power Global Limited of our report dated June 19, 2017, with respect to the consolidated financial statements
of Azure Power Global Limited included in its Annual Report (Form 20-F) for the year ended March 31, 2017, filed with the Securities
and Exchange Commission.